| P/E Ratio | 90.59Sector 21.45 |
|---|---|
| Market Cap | ₹12,445 CrDiversified |
| Promoter Holding | 66.29%No pledge |
| 1-Year Return | -32.68%Price performance |
| Metric | Q2-27 | Q1-27 | Q2-26 |
|---|---|---|---|
| Revenue from Operations | 167 | 34.6 | 83.6 |
| Other Income | 0.0 | 0.1 | 0.0 |
| Total Income | 167 | 34.7 | 83.6 |
| Profit Before Tax | 172 | 32.1 | 87.5 |
| Net Profit | 131 | 24.5 | 67.2 |
| Operating Margin | 103.2% | 92.5% | 104.7% |
| Net Profit QoQ | +434.3% | ||
| Net Profit YoY | +94.8% | ||
| Adj. Profit QoQ | +437.2% | ||
| Adj. Profit YoY | +96.5% | ||
Key highlights
- Net profit surged 94.8% YoY to ₹131 crore, compared to ₹67.2 crore in the same period last year
- Revenue from operations grew to ₹167 crore, a 100% increase from ₹83.6 crore YoY
- Dividend income of ₹129.94 crore was the primary driver of sequential growth
- Interest income contributed ₹33.76 crore to the top line, up from ₹29.98 crore YoY
- Operating margin remained high at 103.2%, aided by share of profit from associates
- Total expenses were contained at ₹4.97 crore against a total income of ₹167 crore
- The company recorded a sequential profit growth of 434.3% compared to Q1 FY27
Dividend Inflow Drives Sequential Growth
JSW Holdings Limited recorded a significant jump in its quarterly performance, primarily fueled by the seasonal inflow of dividend income from its investee companies. For the quarter ended September 30, 2026, the company reported revenue from operations of ₹167 crore, a substantial leap from the ₹34.6 crore recorded in the preceding quarter. This sequential surge is attributed to ₹129.94 crore received as dividend income, which was entirely absent in Q1 FY27.
Interest income also remained a steady contributor to the top line, growing to ₹33.76 crore from ₹29.98 crore in the year-ago period, reflecting the company’s core activities as a financing and investment arm within the JSW Group.
Operational Efficiency and Lean Cost Structure
- Operating margin reached 103.2% in Q2-27, benefiting from the lean nature of holding company operations
- Management advisory services fees contributed a stable ₹1.61 crore to the quarterly revenue
- Employee benefit expenses stood at ₹3.54 crore, representing a controlled increase from ₹2.56 crore YoY
- Total comprehensive income for the period was reported at ₹561.71 crore, including fair value changes in equity instruments
- The company reported a profit before tax of ₹172 crore, which includes a ₹10.23 crore share of profit from associates
Strategic Asset Value and Segment Profile
As an unregistered Core Investment Company, JSW Holdings serves as a strategic investment vehicle for the JSW Group. The company's valuation is intrinsically tied to its significant 7.42% equity stake in JSW Steel Limited, a holding valued at over ₹20,000 crore earlier this year. The company operates through a single reportable segment, 'Investing and Financing,' in accordance with Ind AS 108.
Despite the strong quarterly earnings growth, market data indicates the stock has seen a 32.68% decline over the past year, currently trading at a P/E ratio of 90.59 compared to the diversified sector average of 21.45.
Regulatory Compliance and Board Actions
The company’s Board of Directors met on October 29, 2026, to approve these unaudited financial results. In regulatory disclosures, the company noted that the trading window for dealing in its securities by designated persons will open on Sunday, November 01, 2026. Financial notes also highlight a provision of ₹2.44 crore previously recognized in the 2025-26 fiscal year regarding the incremental gratuity liability under the new Social Security Code.
Other financial liabilities decreased to ₹1.73 crore as of September 30, 2026, from ₹2.41 crore at the end of the previous financial year, further strengthening the balance sheet.
| Date | Announcement | Amount |
|---|---|---|
| 06 Aug 2026 | Q1 FY27 unaudited consolidated net profitSource: BSE filing | ₹21.47 Cr |
| 28 May 2026 | FY26 audited consolidated net profitSource: NSE filing | ₹146.65 Cr |
| 29 Jan 2026 | Q3 FY26 unaudited financial resultsSource: financialexpress.com | – |
| 06 Nov 2025 | Q2 FY26 unaudited financial resultsSource: financialexpress.com | – |
| 31 Jul 2025 | Q1 FY26 unaudited standalone net profitSource: financialexpress.com | ₹19.67 Cr |
| 28 May 2025 | FY25 audited consolidated net profitSource: NSE filing | ₹195.83 Cr |
What to watch next
- Reopening of the trading window for designated persons on November 01, 2026
- Movement in the market valuation of the company's 7.42% stake in JSW Steel Limited
- Announcement of Q3 FY27 financial results expected in January or February 2027
“The Company is engaged in the business of Investing and Financing and hence has only one reportable segment as per Ind AS 108 'Operating Segments'.”
| Share price | ₹11212 |
|---|---|
| Market capitalisation | ₹12,444.87 Cr |
| Revenue (annual) | ₹179.45 Cr |
| Net profit (annual) | ₹146.65 Cr |
| Revenue (latest quarter) | ₹34.58 Cr+4.35% vs previous quarter |
| Net profit (latest quarter) | ₹24.54 Cr+81.20% vs previous quarter |
| P/E (TTM) | 90.59×Sector 21.45× |
| Promoter holding | 66.29%0.00% QoQ |
| FII holding | 22.21%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by JSW Holdings Limited announcing its unaudited standalone and consolidated financial results for the quarter ended September 30, 2026. Market figures from a third-party data provider.
